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a barrel next year and that wti, partly because of this revolution, could fall to 50. >> i doubt that very much. ir mean, i can see -- and i doubt that present will be 140. which is a possibility. i think obama, president obama is going to offer them a grand plan sometime early in the first quarter. if they accept it, then prices will go lower. >> because of this revolution, how far do you think it's going to go? >> as of this risk, it's probably down to $1.99 a brand. >> and wti? >> with the pipelines coming on in the first half of 2013, wti is going to reconnect the global market. brent was 9$90, $95. it will only be something like $8 below that. >> that's interesting because that wide, wide gapt is implied perhaps by -- or that people have been playing at least and we've gotten close to $30. what you're saying is finally the infrastructure is in place so that wti isn't trapped in the u.s. any longer. >> maybe it's a structure starting up in january. you're going to see the pipeline expansion, january start up and then you're going to have other pipeline expanses, not just from curbing,
think we'll be higher for brent, quite a bit higher for wti. and that's because we're going to see the narrowing of that brent/wti spread as the seaway pipeline comes on line. and those barrels start flowing at a cushion to the gulf. >> reporter: one last question. the fiscal cliff, we talk about it, historical, dollar down, commodities up. i see less bang for the buck on commodities, the more q.e. into the system. i'm not sure it's working. >> i think if we get more q.e., and we're likely to get more today which is qe3 part two or qe4, however you phrase it, the fed will announce additional purchases and treasuries, i think that is -- the fiscal cliff is a different situation. i think they'll resolve it at the last minute partially in a temporary short-term way so we don't go into a major recession next year. but i think that things are going to be positive. >> reporter: i know you don't think it's complimentary to say you're like a linebacker, but i'm going to need you in a minute. the media scram is vicious. not only do we have the president of prestige economics, we had a first
. but crude is poised to post its smallest gain in three years. wti is set to post its first annual last in four years. ian, welcome. we've seen this sharp decline in oil prices helping seek through to prices with a lot of americans in the last several weeks. when we look to 2013, should we expect a similar seasonal pattern which is to say a rally during the first part of the year? >> no. i'm not expecting a rally in the fist part of the year, to be honest. what we're still trying to take is the impact of shale oil, shale gas. and i think probably in 2012, the impact was -- or rather the implications of the impact were a much higher than expected. this year it's going to be interesting to see how the rest of the global acts with the new higher expectations for u.s. oil and gas. >> but does that really feed through? because we've heard the big longer picture argument, clearly a game changer, huge implications. how much of that feeds into oil prices right away? >> well, i think in terms of what's happening the first half of the year for the u.s., it's the fiscal cliff. there is a real dang
that wti has been stronger than brent these days. what's your theory on that? >> i think guys are taking money off the table. and you're seeing that happen right now >> terrific. thanks, john. we will be getting the inventory numbers on oil and products coming up at the top of the hour. carl, back to you. >> okay, bertha. we'll see you then. thanks so much. about an hour into trading here. some of the stories we're squawking about, 7:32 on the west coast, 10:32 on wall street. hp confirming that justice has notified the firm that it has opened an investigation into autonomy. hp clocking in as the worst performer on the dough so far this year. november pending home sales rising 9.8% year over year. that's the highest level in 2 1/2 years. and barnes & noble chairs rallying over british publishing and education company pearson says it will invest $85.9 million in nook media in exchange for a 5% equity stake. >>> well, houston's port is a big employer and a very busy one, one of the busiest in the world, but it could be stalled by a labor strike that threatens the city, as well as more than
are looking at prices that slid even more so than the wti price. that gained more than wti over the last several sections. but it is right around $108 a barrel right now. natural gas harder hit and that had much more to do with the report that came out today that is very bearish. we are looking at a key technical level, now look for the down side target around 325. that's what traders are looking at. and you mention gold below 1700 and the fact that traders are taking profits but also, sue, looking at fact that now the changing from day base it data base. that changes the picture here on stimulus, on rates and could change the outlook for gold at least in the short run. >> all right, sharon, thank you very much. kenny is here with me. independent trader at nyse. also with ty, ceo of wealth management. kenny, what do we know today that we didn't know yesterday or vice versa. yesterday the fed said they were going to keep rates low for a long time. >> and he was quite concerned, right? in his speech afterwards, he was very concerned about the fiscal cliff and concerned about what impact wo
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out, a big move for oil today, wti up -- the most it's been to the highest level in two months, the last number i had was up over -- almost $891 -- $91 a barrel, 2.5% for the day. the middle east, traders, not so much fiscal cliff optimism, nobody has optimism on that, but stuff from the middle east as guests earlier pointed out. a terror cell foiled, and that's not a foiled, even though it was foiled by the uae, it's more indicative there's probably -- there's trouble there, and military exercises in iran and cut in production bid kurds in iraq. that's the oil and line lumber. >> no bored feet here either. >> thank you very much. ashley: two new movies certainly a hit at the box office over the holidays. you may have seen one or both. i don't know, dennis kneale has the story. dennis: hello, ashley. a clash at the box office. the rap.com called it battle of the sexes at the multiplexes. movie fans had a choice, would the men see "d'jango, a violent r-rated western or would the women hold the poir and, instead, opt for les miz? the musical based on a novel from 1862. well, the
-- is the spread between brent and wti is starting to get up into the wider band near that 27 level. and if it exceeds that, then all of a study we have not necessary lay technical breakout, but some historical levels should should take precedence on a global theme. secondly, of course, just the whole idea or the premise at least that we're start to go look at that gold has been sticking itself in a narrow range and it looks like it's going to continue to stay that. but, you know, traders like playing those ranges and in particular when i reference the wti, that $10 band has been something that's been profitable to a lot of people. >> you mentioned 27. that is extraordinary. what is that going to mean for consumers, for companies involved? >> well, you know what? a lot of times what we've looked at over the last year and a half is just how china comes into play here or sometimes even some of the middle eastern partners are where opec comes in and start to address crisis or supply in particular or technically how the market trades itself around that band. there was never really a pre
's put up wti to start with. up over two dollars, up over $90 right now. just short of two dollars. you think, oh, do they know something about the fiscal cliff? not that at all. it is actually action in the middle east. reports of military exercises have commenced. military exercises in there and later in the week more military exercises. brent is off as well. heating oils are up. everything is up. even on a slow day here at the cme in chicago. dagen: good to see you, jeff. jeff flock reporting. thank you. the pentagon planning to deal with half a trillion dollars in budget cuts thanks to the looming cliff. gun sales rising over concerns of tighter gun control laws. we can find some winners in the stock market. here are some of those on the s&p. ♪ she knows you like no one else. and you wouldn't have it any other way. but your erectile dysfunction - you know, that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approve
. that makes the oil market very jittery. you can see a little thin here. everything from wti to brent to gasoline futures to heating oil futures. we have a lot of cold weather coming in. a much more need for heating oil and the like. i didn't hear in that ad room. trading volume is light. tracy: so cool. jeff flock, thank you for doing that for us. [talking over each other] lori: as we do every 15 minutes, we chuckled the markets. nicole petallides on the floor of the new york stock exchange. nicole: a lot of down arrows. zynga is really bucking the trend. it is up 3.25%. it is of about three pennies. we are hearing potential for gaming in the uk. let's break it down. there is a one-year chart beard all things digital have been reporting they are close to launching games in the uk. plus poker, plus casinos. it sounds like a lot of fun. all things digital continues to take a look at online games and the potential for zynga doing exactly that in the uk. there is is up 3.25% right now. back to you. lori: great. we will see you in a few minutes. the bullet train traveling 186 miles per ho
, wti, that's west texas intermediate at the cme group, if february of 2011 the volume was 934,000 contracts a day. almost a million contracts a day. by november of this year, a month ago, got half of that. yesterday the volume was 175,000. oil money is on the sidelines. our producer just gave me the latest volume today. trading is going to continue only for another 15 minutes or so. 273,000 contracts traded just today. that is half of the typical volume. people are so scared about the fiscal cliff, this money, david, now is sitting on the sidelines and doing nothing for investors. that is what the fiscal cliff has wrought in the oil market. david: jeff, one of the problems of course when you have volume that is that low, you have a few traders with a lot of money and a lot of influence that can have a very big effect on the market. is some of that what has been going on the past couple days? >> it is one of the reasons yesterday ran up because you had a couple pieces of news out of the middle east about the kurds in the north cutting off production in iraq, about 180,000 barre
dollars in brent, but right now, anything above 110, it's a buy. ashley: long wti and short on brent? >> no, long both. ashley: long both. interesting. >> yeah, long on both, for short term. ashley: great stuff, gentlemen, thank you for joining us on the floor show. the dow down, in the range, president meeting with leaders as we speak, we believe, at the white hoose. we'll see what may or may not come from that. the fiscal cliff, which companies get hurt the most if we go right over that cliff? elizabeth ma cdonald is here with the bottom line. what are we looking at for bad news for what companies? >> walmart hand capped this and have their score card. a number of companies will, you know, dive over the fiscal cliff, and i'm tired of the "fiscal cliff" term, pardon me, it's a manmade term, the fc, whatever happens january 1st. here's why they get sales from government contracts. that's the deal. it's not just the lockheed martins of the world. you'll see in here, humana, other health care companies, of course, medical device companies hit with the tax, but they have striker, for ex
to shut it in. but i think you remove a lot of incentives to find that oil when wti goes below 70 and some discounts for shale they're as high as $40 for, actually the tar sands crude in canada. so we'd like to drop but probably too much would be a little bit too much of a bad thing. shibani: similar to what happened with the green energy initiatives that we're talking so much a few years ago. i want to bring the picture into the present. we've got short-term with the fiscal cliff and then after the fiscal cliff. give me what your predictions are as we navigate the roller-coaster ride that will happen over the next few days? >> okay. i think we saw the bottom for national prices at about 3.21 on the last day of autumn. we'll wobble a little bit higher in the next two months. we'll probably get a sugar rush at start of the year with a lot of money coming into commodities. we'll get a typical surge we get from february through april. i think it will take us to about 3.75, but not to some of highs we've seen in previous years. the average price this year is 3.61. i think we'll average less th
, and they're following the materials here. we've got oil this morning, wti nymex above 91, just a few minutes ago, after that case-shiller outlook. despite the fact we had that sort of downbeat report on consumers and spending over the holidays. there is a bit of an animal spirit looking ahead to the fact that the folks in washington are coming back, and making a last-ditch effort to avoid that fiscal cliff, so-called $600 billion in tax hikes, and cuts due on january 31st. meantime, we are getting those reports out of china, that china may start to rebuild. as melissa noted, copper, one of the big beneficiaries today. interestingly, the journal had a report that the s.e.c. has delayed the requests to start a new copper etf, which would be a large buyer of copper. that has been delayed until later in 2013, as far as approvals. nonetheless, we've got a fairly buoyant move to the upside this morning. david, back to you. >> thanks very much, bertha coombs. we want to visit a topic, sort of a year-end topic. what we can expect particularly when it comes to the lack of leverage buyouts. we
check on the markets. energy and metals are trading higher now, wtis up about 55 cents. brent crude up 65 cents. also want to check in on the gold price, as well. gold right now down about slightly under the flat line there, 1,-658. well below the 1,700 mark. the cme globex has been closed for christmas. it's going to reopen at 6:00 a.m. eastern time. that goes for treasuries and the foreign exchange market, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there about 35 points, around half a percent. and overnight in japan, the nikkei, the yen falling to a 20-month low. you have the nikkei up 1.5%. the nikkei -- yen versus the dollar as shinzo abe returns to office as japan's new prime minister, promising monetary and fiscal reforms. we have the shanghai composite there up about a quarter percent. >>> all right. in today's top stories, the u.s. is five days away from going over the fiscal cliff. president obama is cutting his holiday vacation short, returning to washington
have wti nymex up for the week, and it's actually been up for the last three weeks. part of the reason, we're seeing a number of funds and traders moving out of what has been a popular trade. if you take a look at nymex year to date, it is off some 7%, compared to brent crude which has actually been up quite a bit, and that is where we're seeing people take profits on that spread that has been a very popular trade here at the nymex. overall the big issue next year once again is going to be getting that infrastructure to move all that growing production on land to be able to get it down to the gulf coast refiners. see you guys later. >> our birthday girl bertha coombs. thank you. >> thank you. >> happy birthday. >> thanks. >> see you later. >>> so, with half an hour left in the trading session, stocks are lower as news on the fiscal cliff continues to develop, so as we creep closer to that cliff, how do you position your portfolio to protect yourself and still find growth? do you do it with stocks or gold? that's what we're doing. on the technical side is j.c. o'hara and on the fundamen
and hover craft as well. we don't see a lot of reaction from the oil markets. wti is below 13 cents. that's a premium that we've seen for now, gosh, nearly a year. higher by 20 bucks relative to crude. $110 per barrel. let's get trading action in terms of stocks. i don't know. mary thompson joins me here on the floor of the nysc. >> well, we're going over the cliff, mary. should we hold hands? >> let's jump. >> do you have a parachute? >> no, i don't. i don't. you know, a lot of traders think that a parachute is going to come in the form of a mini deal. so that's the feeling right now. >> i don't like anything mini, mary. i like the mini cars. are hoping for.at's what traders as a result, stocks continue to move lower, but they're basically stuck in a waiting game in large part because they want to hear some news from this 3:00 meeting that's being held by the president with the congressional leaders today. ahead of that we've seen little bit of reaction about any headlines coming out about possible deals being struck at this meeting, etc. the tone continues to be negative. let's take a l
, a report of a school shooting, wti has a parent on the phone, let's listen. >> everything is fine with your daughter, if you would keep in contact with us as you find ow more information. >> i absolutely will, i appreciate it. >> we want to get accurate information out to people across the state. that was a parent at sandy hook elementary school who at a stroke of luck wasn't there this morning because of a doctor's appointme appointment. >> let's set the stage and go through this. a call came into state police at 9:41, 12 dickenson drive in newtown. something about that call, police protocol went into effect and a platoon, what's being described to us by lieutenant paul vance of connecticut state police, a platoon of the teachers and the students were evacuated, i believe there's also a staging area that's been set up near the school. >> liz, what are you seeing right there at the school? >> hi, brad, we're here on dickenson drive, right on the streets, i have never seen anything like this, the line of cars is endless. parents have been running down the street trying to get to their childr
looking at the technical move we saw in wti, nymex this morning, seemed to have failed. now we are under pressure as far as wti and brent. and here is the number coming out. the bell has running. there we go. bigger-than-expected 82 billion cubic feet withdrawal. so, we are seeing more strength here in natural gas as it moves up and that is also helping heating oil here as the we move up. we are finally starting to see some of that winter weather kick in. carl, back to you. >> bertha, thanks so much for tap dancing a bit and bringing us those numbers, bertha coombs over at the nymex. david, over to you. >> thanks very much. the viewers know the intercontinental exchange announcing the noon buy the new york stock exchange, 8.2 billion in cash and stock this morning, the deal announced. what is going on with all the deal making? otherwise august lackluster year for m & a. our next guest says dealmaking poised for a comeback in the new year. he is rob kind letter, global head of mergers and acquisitions at morgan stanley. nice to have you back. >> good to be here, david. >> suddenly seeing
contract it is leading the wti here in the united states to the downside. why is that? right now we're seeing major production come back online in the north sea which would be pushing more supply onto the market at a time where demand in europe right now is relatively weak. we're seeing that supply cushion. the other thing is the market has been pricing in a lot of worst-case scenarios. obviously doesn't seem to be getting a lot worse than what is happening but definitely it has been priced in to a certain extent, phil flynn, always knowledgeable. price futures group. >> thank you. lori: 'tis the season. the little town of rudolph, ohio, trying to save christmas. melissa: striking workers in california may turn into thh grinch that stole it. the port of long beach executive director j christopher lytle will join us how this could impact your holidays. ♪ . >> i'm liz macdonald with your fox business brief. stocks are swinging between gains and losses today as investors continue to focus their attention on washington, d.c. and the fiscal cliff negotiations. u.s. banks posting their
described as very soft. another figure in the crude oil market from a trader's perspective, wti trading down 50% from its 100 day average. we are seeing. light participation from traders and that market, as well. crude oil prices down 8%. natural gas, this has been a winning commodity for 2012. best performer on the cme right now. we have a report from the government this morning that showed a 72 billion qubit feet drawn out and natural gas. people are cranking up the heat and have more demand for natural gas. also, some major weather forecast for colder than normal temperatures. that too is helping to push up natural gas prices. natural gas, by the way, adam, up 12%. back to you. david: we had a guest on melissa francis is show last week, gas prices will fall after march. if that something investors should be taking into consideration. sandra: absolutely. certainly a lot a lot of folks pack up the car and go on spring break. we do start to see gasoline prices start to rise. crude right now is sitting very healthily above $90 a barrel. back to you. david: thank you. outlook 2013. as we conti
with all the tension going on at the opec meeting in vienna now. you know, wti higher by 41 cents. 86.20 per barrel. london, 108.53. a gain of.5%. the treasuries and ten-year yield now is -- very close to 1.7%. decline of 1/8 point. the dollar is mixed across the board. 82.84 for every dollar. the pound would cost you $1.61. the price of gold this hour is higher by $5.20. a gain of .3%, 1,714 per ounce. time for the global markets report. kelly evans is standing by in london. >> michelle, hello. >> you might be here 12-12-2110. >> i think the date is 1221? today is 12-12. 12-21 it when the world ends. i think we've only got nine days left of the global market report. >> i'm worried about the fiscal cliff -- once we get the world -- which is worse? the world ending or the fiscal cliff? >> about the same i think. >> one could bring about the other. >> i think it's no accident they're both approaching. that's how i'm going to read the tea leaves. as you see, a mixed picture this morning. people mostly waiting on the fed decision later today. the major boards green, the ftse adding .25%.
to fracking. i think there's a reason why oil is where it is today, actually. >> brent at about 100. so wti is its own supply -- >> but it's bigger than the neighbor at this point, right? the dollar is still probably the -- >> yeah. but think about what this global economy has gone through and present is at 100 and wti is still 85. i mean, ten years ago, people would think that's crazy. >> and the ten-year, this has been like watching -- >> paint dry? >> paint grow. >> there, put it together. >> i told you someone wrote in what jamie said the other day, you can't blanket all bankers with the same brush. i love that. that's one of the classics. it's like a walk in the cake. anyway, let's look at the dollars. mixed metaphors are so much fun. you sound like rick kaufrd, who you never heard of. >> there's there's if tedgue. >> it's an age thing. >> it is and we're working to bridge this gap. >> we are. and so am i. the dollar/euro at 1.3092. gold also interesting that it's still below 1700. but when everyone says why isn't it going up? well, it was at 200 and it went to 1800. is it supposed to
prices down almost $2 here for the wti contract. brent crude prices below $109 a barrel. after plan b went bust, and the oil rally fizzled, we did see wti oil prices top $90 a barrel at the close yesterday. that was the first time that happened in two months' time. now there's a great deal of concern about energy demand. we're also looking at the reaction in the gold market where we're seeing a little bit of a short covering bounce here in the gold market. but that may have more to do with the slide we've seen over the last several weeks, particularly in the last week where gold prices are near a four-month low. gold, though, holding above the 1650 level. back to you guys. >> thank you very much, sharon epperson. let's look at the dow heat map. there is one component in the green. and that is verizon. but largely in the red here, ibm is down by just half a percent. that's helping the dow to be the smallest loser, if i can say that. the smallest loser in terms of the major indices. the nasdaq we're down 1.5%. interesting sort of separation between the indices. technology a weak spot he
are not breaking down even more than that. on the year, looking at wti, the price showing 7.25% decline. a quick look at how the metals are trading as well. gold is getting a bid today. those gains are somewhat muted. still under the 1,700 mark. copper is the bigger mover as we're looking at the pmi data out of china. last but not least, gold on track to show a 5% gain as the best performer in the metals con flex. >> let's head to chicago for more on the metals. the first thing you think about when you think about the gold trade is the race to base around the world. it's clearly japan as well. so what happens in 2013 with gold? >> well, interestingly enough, we think that this actually could be gold's first down year since 2000 when it posted a negative gain. it seems to us that gold should actually be much higher, if in fact all the global debasing was going to push it in any sort of fundamental way. not even through 1700 and 1800, but well through 2000. so the bid has faded. i think there's kind of a cyclical exhaustion that has infected the investment community with gold as well. >> i want to
for wti crude futures. we're also looking at lower prices for gasoline because of that huge build we saw and higher prices for heating oil. a proxy for diesel fuel and reflecting the distillate fuel supply number. bigger builds than were anticipated for gasoline and a bigger decline than was expected for crude supplies. send it back to you. >> thank you so much. when we come back, deal making in a post-fiscal cliff world. faber has an exclusive interview with the ceo of investment bank moelis and company. more in just a moment. >> announcer: the holiday season is here and that means lots and lots of photos with a certain someone. now you can display it in style with a picture frame signed by the entire "squawk on the street" gang. if you can guess friday's nonfarm jobs number it's all yours. tweet your guess and don't forget hash tag nail the number. you have to be at least 18 years of age to enter. sorry, kid. for all of the official rules and details, go to cnbc.com. you have until 8:29 a.m. eastern this friday morning. good luck and say cheese. melons!!! oh yeah!! well that was uncal
nimax crude future, wti contract above that 89.80 level that traders are watching. 112 was the session high. in terms of gold prices, we are looking at new buying for the beginning of the month in gold and that is helping the gold futures contract but also the gold etf market at a record level right now. we've seen retail investors interested in gold not only in buying etfs but also in gold coins and in terms of etf market we look at highest levels we've seen for the year here as we begin the new month. back to you, carl. >> all right. thank you so much for that. i want to draw your attention to technical levels on the s&p crossing above the 50-day moving average for the first time since october 22nd. the number, if you are interested, is 1420.83. >> wow. >> no 200 but a lot of people watch it. >> it does matter. i think when i was listening to bob talking about how germany 52-week high, france 52-week high, those countries are doing far more poorly than we are and makes sense that we could go higher relative to our allies. >> all right. keep an eye on that. meantime, results of one pa
. breaking 1,700 at one point. one-month lows breaking near term support of 1700. oil also down a buck on wti more than at this point. >> we do have that euro that's been hanging in. some people think it's because of the euro. other people feel that everything goes down in a fiscal cliff situation. i mean, commodities are saying we're going to go over the cliff. that's what i think. >> it's interesting. there are these recent reports tallying how many american eagle gold coins americans are buying. is that the ultimate safe haven trade. if americans are buying gold coins in record numbers, the strongest sales since 1998, and it's not just seasonality here. it's interesting. >> i own some. i own silver. >> silver and gold. >> you can buy silver and gold. you can actually -- there's a big markup in coins. the government doesn't help. you can own pieces of silver and pieces of gold. >> do you have some on you right now? >> no, i don't. i have it buried in the backyard. i have it in a vault. never bury your gold in the backyard. >> i'll remember that. thank you for that advice. >> first we have t
for the session of crude oil but still looking at higher prices for brent and wti contract. but the biggest mover in the energy space today, definitely natural gas. because it's 60-degrees-plus in december today. possibly we'll see an injection to storage even though, yes, it is the month of december. that is the reason why traders are selling that gas right now. back to you. >> all right. thanks very much, sharon epperson. perhaps the largest dollar deal of the day, it is not a merger monday. don't be mistaken, of course. we haven't had many of them. but we have an announcement of a deal, maybe a strong possibility on friday, ilfc, owned by aig, on the block, is going to be sold to the chinese. in a deal in which the unit itself is being valued about $5.28 billion. there you have a look at aig's stock price, which we'll get to in a moment. 81.1% being sold for $4.2 billion. an option to buy another 10% of the company. and finally, but roughly 10% will continue to be held by aig. an investor group, led by the chairman of new china trust that will be doing the buying here. it will require approval
, for wti, crude futures. the big mover natural gas. natural gas has been on a seven-day losing streak down about 10% in that period of time. it's regained some momentum, it's supposed to get cooler in the middle to end of december. that's part of the reason why, perhaps, we're looking at a turn here in natural gas, as well as perhaps a technical trade here, as well. lifting up off that $3.25 level. back to you, carl. >> all right, sharon, thanks a lot. sharon epperson over at the nymex. bob pisani is here with what's looking at the big board. a lot of this based on reports out of d.c. >> well the good news is, we're anticipating some kind of deal. and we're moving in that direction. it's a good sign. look, to me, all of this talk over the weekend, it was very simple. let me just show you what the most important thing is. they're not going to do nothing. the market was afraid that they were going to do nothing. that's not going to happen now. we now know that they're moving towards some kind of deal. it looks like a tax hike for the wealthy. we don't know where it's going to come down. half
is the spread between brent and wti and how we've got so wide above 25. then the forecast was that we should probably narrow from there, and it's done nothing but that. i think that's the big talk right now is the -- how this spread has narrowed. a lot of it has to do with a lot of global pressure overseas. especially on the brent side has subsided. and at the same time, we're watching all how the dollar plays inhe you is -- this forecast, a weaker oil, and we've rallied. you've had nothing but talk of, you know, a strength market in gold. and it's come off. then all of a sudden we're starting to see this whipsaw back. this is when markets are really thin, thin and volume's low. >> thanks. we appreciate it. covered a lot there. don't really know anything yet. but -- we'll have thing to watch. thanks, michael will. see you. >> thank you. >>> when we come back, we'll talk about why the average american might be spending less than normal this month. >>> plus, you remember the saga of former imf head dominique strauss-kahn and what happened between him and the new york hotel maid? that drama is
interesting year. we're looking at the numbers, the first year you have wti nymex crude and brent crude where one is down and the other is up. nymex crude is the issue we've been talking about a couple years now, the infrastructure problem. part of the problem is we are producing so much more oil in the u.s. north dakota is now the third largest oil producing region here in the united states and the production there is up 50% year-over-year. the latest data are available from the energy department shows we produced about 21 -- a little -- almost 22 million barrels in september, up from just under 14 million barrels the year before for this same month. the impact is without much of an infrastructure to get that oil to the big gulf coast refinery, we're seeing a big gut when it comes to curbing, the delivery hub for nymex and we have seen storage levels up 50% year-over-ye year-over-year. once we get pipelines going that might help but still seeing the pipeline increasing in north dakota and the one running north to south is expected to exhibitions spanned in january but not to make as big a di
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